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  • The Contractor And Surety Are Bound To The Owner In The Amount Set Forth Above, For The - Co

Get The Contractor And Surety Are Bound To The Owner In The Amount Set Forth Above, For The - Co

TM Document A310 2010 Bid Bond CONTRACTOR: (Name, legal status and address) SURETY: (Name, legal status and principal place of business) OWNER: (Name, legal status and address) BOND AMOUNT: $ PROJECT:.

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What Are Surety Bonds. A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).

The three main types of construction bonds are bid, performance, and payment.

Performance Bond: Provides an owner with a guarantee that, in the event of a contractor's default, the surety will complete or cause to be completed the contract. Payment Bond: Ensures that certain subcontractors and suppliers will be paid for labor and materials incorporated into a construction contract.

Surety Bond Costs Explained Your surety bond cost is a percentage of the total bond amount, also called the bond premium. There are two main factors for how that cost is determined by underwriters: The type of surety bond and the bond coverage required. The credit history of the applicant.

A surety bond is a risk transfer mechanism where the surety company assures the project owner (obligee) that the contractor (principal) will perform a contract in ance with the contract documents.

A bond is written for a set limit, sometimes called the penalty. If the principal's obligation exceeds the limit, the surety will be liable only for the amount of the limit.

A surety bond is a three-party agreement between a surety, a contractor, and an owner. The surety, (typically an insurance company) promises to satisfy the contractor's obligations if the contractor fails to perform in ance with the construction contract.

Performance bonds are used to ensure satisfactory completion of contracted work. If a contractor is unable to deliver on their obligations, a performance bond allows the paying party to cover any additional costs due to their failure to deliver.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232